The Maharashtra State Co-operative Bank, run largely by Nationalist Congress Party (NCP) leaders, has turned its loss of Rs 1,043 crore in 2009-10 into a profit of Rs 2.87 crore. The wrongdoing was exposed by the auditors of the bank, whose chairman is NCP leader Manikrao Patil and 40 of whose 77 directors are linked to the party. Patil, it is believed, is a puppet in the hands of Deputy Chief Minister Ajit Pawar, who has virtually been running the bank for the past 17 years. Pawar, whose motto is transparency in administration, has ignored the bank’s violation of general accounting standard norms in an attempt to hide the huge loss.
Domestic savings are crucial, both for the national economy as well as for the people who save, particularly during recessionary times. This was proved once again, wherein unlike many Western countries, India remained fairly insulated from the recent global economic slowdown due to its relatively high level of savings. Ideally one should save 20-30 percent of his earning for future needs. For salaried people, savings are forced ones, thanks to tax saving plans. While in India, average savings are in the range of 30-32%, saving rate in Japan is 28%, and in US just 12 percent. Indian savings generally get parked in bank deposits, insurance products, provident fund & pension plan and mutual fund & capital market instruments.
The Allahabad High Court has ruled that eligible government employees with a bright career should not be deprived of promotional avenues. The denial of promotional avenues with the intention to adjust others shall have demoralising effect
